Use our Mortgage Calculator tool to create an estimate of your mortgage payments. Understanding the breakdown of your mortgage payments can help you know what to expect and know how to work it into your budget.

Firstly, you need to gather all of the required information. You need to know what type of mortgage you are taking out, the interest rate, and how much you need to borrow. Your financial institution will use this information to calculate your monthly payment.

Then you must determine whether you want a fixed or variable-rate mortgage. There are benefits and drawbacks to each type so it’s important you understand both before making a decision. 

Finally, you want to determining how much of your monthly income needs to go towards housing expenses, such as your mortgage payment, utilities, bills and taxes.

When considering the best option for you, it’s important that you consider all factors before making a final decision.

Shaunna is an award-winning, Ottawa REALTOR®. Whatever your situation is, navigating the home journey can be thrilling yet overwhelming. She is dedicated to guiding you through this process with reassurance and clarity. Whether you’re selling a cherished family home or an investment property, she comprehends the emotions involved and aims to assist you at every step. Rely on Shaunna for timely paperwork, meeting deadlines, and unwavering support until the final closing. Have any questions? Contact Shaunna here. Let’s make this journey smoother together!